New O/O

Discussion in 'Ask An Owner Operator' started by Chemman, Jul 16, 2019.

  1. Chemman

    Chemman Bobtail Member

    Jul 16, 2019
    Need some advice on being an owner/operator. I have a Class A with tanker and hazmat, and would like to know if there is a company that will help you through the process to get you going knowing you will have large expenses and you still need to pay yourself
  2. Crazytrucker77

    Crazytrucker77 Medium Load Member

    Nov 23, 2014
    Hermiston, OR
    Are you saying financial backing or are you looking for a company to help you as far as advice
  3. 2hot2handle

    2hot2handle Light Load Member

    Aug 25, 2015
    I don't know where you live or what you want to haul or where you want to run so I can't advise on specific companies.
    As I'm sure you may already know there are plenty of companies that will lease you on to their authority and pay for certain things like cargo insurance and offer fuel, tractor insurance and plate discounts. They give you this plus your loads but they also take a percentage of you're load in return. If you're looking for a bit of a cushion that's the way to go to start. Pretty much guaranted income. You worry about truck payment, fuel, maintenance and taxes. Gives you a chance to feel it out and run the numbers for a year or two and then decide if finding your own freight under your authority would be worth the added risk and effort. Go on craigslist and search owner operators under jobs.

    If you don't have a truck you're getting into dicey waters looking for a company who will give you one and allow you to purchase it. The more you ask for a company to do for you the more you'll be indebted to them. Try and purchase you're truck yourself. If you're worried about repair expenses or startup cash just know it's a balance of luck and planning for the breakdown for the first 6 months to a year. I know companies like land star will front you repair money but you might not want to haul freight like they do or pay their cut.

    i took out a personal loan for 5 grand at a credit union at the same time I purchased my truck. The monthly payments aren't so steep as to break my budget but it's nice to know it's there if I absolutely need it and that either way I can repay it. I also bought a one year warranty on my used truck. Make sure it covers the big stuff. A 3 or 6 month warranty might not be long enough to get over the hump and start saving for your own repairs. Don't be penny wise and pound foolish. I paid 3300 for the warranty and I'm already 10 + grand of warranty work done to mine. I'd have been sunk without it. Don't leave things up to chance in your budget. Pay your truck and maintenance and taxes then your bills then you. I feel the mindset of an o/o should be that you ARE the company, which you are. That means your willing to make the sacrifices and not eat when things go bad. If you're already looking for a company to take care of that for you then maybe it's not time yet to be an o/o. If you can find a company that pays enough to make your budget and you can fulfill the obligation for the work needed to make that money then get after it. I've been at it for 8 months as an o/o and it's been nothing but stress and sleepless nights but it's 100% better than working as a company driver and I made a good six figure income as a company driver. I also had no life and was used up like a commodity. The benefits are more than money for me as I'd gladly take less money for more freedom, which I now have. Hope it works out wherever you end up. Good luck
    Termite20 and FlaSwampRat Thank this.
  4. Ridgeline

    Ridgeline Road Train Member

    Dec 18, 2011
    Yeah it is called a lease-purchase.
  5. "semi" retired

    "semi" retired Road Train Member

    Apr 16, 2014
    high plains colorado
  6. thelushlarry

    thelushlarry Road Train Member

    Jan 9, 2012
    glasgow ky
    Shouldn't that be lease-non-purchase in reality?
  • Draft saved Draft deleted